The SAR has reiterated its commitment to remaining free to global trade and win-win financial sustainability in the next Trump era
Amid current and imminent geopolitical tensions and uncertainties about its autonomy under China’s “one country, two systems” framework, Hong Kong continues to position itself as a resilient and open financial hub.
In October this year, the special administrative region’s Financial Secretary, Paul Chan, had delivered a speeches in the USA, emphasizing the city’s commitment to financial sustainability, international connectivity, and innovation.
He noted that, despite challenges, Hong Kong remains one of the top three global financial centers, following New York and London, and in 2024, still ranks as the world’s freest economy by Canada’s Fraser Institute.
Chan highlighted two major pillars of Hong Kong’s strategy:
- Deepening regional and global financial links
- The Connect Schemes between Hong Kong and Mainland China serve as a bridge for capital flow, benefiting global investors
- Strengthened collaboration with global capital markets and regulatory bodies ensures Hong Kong’s financial ecosystem remains robust
- Embracing innovation in finance
- Hong Kong is enabling responsible development of digital assets and fostering regulatory frameworks that support fintech growth
- The SAR’s government actively promotes innovation to maintain its competitive edge in a rapidly evolving financial landscape
Hong Kong has cultivated strong connections with markets across ASEAN, the Middle East, and Belt-and-Road countries. The city’s unique role as a “super connector” links Mainland China with global capital markets. As a result:
- Deepening regional and global financial links
- Banking deposits have risen by US$100bn in 2024, reaching over US$2tn
- The asset and wealth management sector manages over US$4tn, with more than half sourced internationally
As the world now awaits how the next US government’s “Make America Great Again” axiom will tilt the balance of world trade, Hong Kong SAR is doing its best to reassure the world that it intends to use any autonomy granted to it to forge continual strategic partnerships, practice regulatory adaptability, and focus on innovation to sustain economic vibrancy and global relevance. The SAR’s stated commitment to openness, even under potential constraints, can serve as a model for balancing national ideologies with international integration in uncertain times.
